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HR Advance Benefit [message #395213] Tue, 31 March 2009 13:08
Messages: 26
Registered: May 2005
Junior Member
Is there an existing formula which I can use for this condition.

Each employee shall receive $41.67 for each remaining whole month in the current year. For example, if an employee were hired/newly benefits eligible on March 25, their Plan enrollment would be funded with $375.03 or 9/12ths of the remaining months in the year.
If an employee is either hired or becomes benefits eligible on the first business day of the month, they should get credit for the entire month, otherwise their credit begins accruing with the following month of service.
No partial credit shall be given, only whole increments of $41.67 per month.
If an employee's Date of Hire or date in which they became newly benefits eligible is not the current year, their credit shall equal $500.00

Any reference to that is highly appreciated.
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